ByteDance-owned TikTok is boldly stepping onto the e-commerce battlefield this holiday season, taking on behemoths Amazon.com, Inc. AMZN and Walmart Inc. WMT with scorching discounts.
Launching its month-long discount spree in late October, TikTok's newly launched marketplace Shop is offering a discount of up to 50% to ensure robust participation in its Black Friday extravaganza, which is slated to kick off on Oct. 27 and wrap up on Nov. 30, according to Bloomberg.
TikTok's Black Friday event commences at 8 p.m. EST on Nov. 23, while its Cyber Monday deals will span from Nov. 28 to 30.
TikTok has ambitious aspirations, targeting a staggering $20 billion in global merchandise sales this year, Bloomberg added.
The company's eyes are fixated on the colossal opportunity presented by U.S. shoppers, who are projected to spend as much as $284 billion this season, according to a Deloitte report.
Focusing on competitive pricing, TikTok's newly introduced marketplace showcases deals prominently and allows select users to tag and sell products directly through their videos.
As the holiday season approaches, TikTok's fierce discount campaign is reportedly expected to entice throngs of budget-conscious shoppers in the U.S.
Amazon's Black Friday 2023 sale is expected to officially kick off on Thanksgiving Day and run through Friday, Nov. 24, as it did in 2022. Deals will kick off in Walmart stores on Nov. 24 (Black Friday).
With over 200,000 verified U.S. merchants, TikTok is poised to be a formidable contender in the online shopping ring, the report said.
As the e-commerce giants brace themselves, TikTok's aggressive holiday strategy could redefine the shopping landscape, it added.
Also Read: TikTok's Amazon Rival: A Treasure Trove of Bargains Or Chinese Counterfeits?
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
